Prime Medicine (NYSE:PRME) Lifted to “Sell” at StockNews.com

StockNews.com upgraded shares of Prime Medicine (NYSE:PRME) to a sell rating in a report published on Saturday morning.

A number of other equities analysts also recently issued reports on the company. TD Cowen began coverage on Prime Medicine in a research report on Monday, April 8th. They set a buy rating for the company. Wedbush restated an outperform rating and set a $12.00 price objective on shares of Prime Medicine in a research report on Tuesday, April 23rd. Chardan Capital started coverage on Prime Medicine in a report on Monday, April 22nd. They issued a buy rating and a $17.00 target price for the company. Citigroup upgraded Prime Medicine from a neutral rating to a buy rating and set a $10.00 target price for the company in a report on Thursday, May 16th. Finally, HC Wainwright started coverage on Prime Medicine in a report on Monday, May 20th. They issued a buy rating and a $10.00 target price for the company. One research analyst has rated the stock with a sell rating, two have issued a hold rating and ten have given a buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of Moderate Buy and a consensus target price of $15.09.

Prime Medicine Trading Down 0.7 %

Shares of PRME stock opened at $5.57 on Friday. The business’s 50-day moving average price is $6.20 and its 200-day moving average price is $6.54. Prime Medicine has a 12 month low of $4.11 and a 12 month high of $15.75. The firm has a market capitalization of $668.57 million, a price-to-earnings ratio of -2.57 and a beta of 2.25.

Prime Medicine (NYSE:PRME) last issued its quarterly earnings data on Friday, May 10th. The company reported ($0.44) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.45) by $0.01. The company had revenue of $0.59 million for the quarter. On average, sell-side analysts predict that Prime Medicine will post -1.64 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the stock. IQ EQ FUND MANAGEMENT IRELAND Ltd purchased a new position in shares of Prime Medicine during the second quarter valued at approximately $97,000. ARK Investment Management LLC boosted its position in shares of Prime Medicine by 2.2% during the second quarter. ARK Investment Management LLC now owns 6,126,773 shares of the company’s stock valued at $31,492,000 after buying an additional 133,419 shares during the last quarter. Bank of New York Mellon Corp boosted its position in shares of Prime Medicine by 61.0% during the second quarter. Bank of New York Mellon Corp now owns 170,563 shares of the company’s stock valued at $877,000 after buying an additional 64,600 shares during the last quarter. Nisa Investment Advisors LLC boosted its position in shares of Prime Medicine by 22,652.9% during the second quarter. Nisa Investment Advisors LLC now owns 7,736 shares of the company’s stock valued at $40,000 after buying an additional 7,702 shares during the last quarter. Finally, ORG Partners LLC purchased a new position in shares of Prime Medicine during the second quarter valued at approximately $29,000. Hedge funds and other institutional investors own 70.37% of the company’s stock.

Prime Medicine Company Profile

Prime Medicine, Inc, a biotechnology company, delivers genetic therapies to address the spectrum of diseases by deploying gene editing technology. The company offers Prime Editors with a Prime Editor protein, comprising a fusion between a Cas protein and a reverse transcriptase enzyme; and a pegRNA, which targets the Prime Editor to a specific genomic location and provides a template for making the desired edit to the target DNA sequence.